Paypal continues to overcharge its customers on global and cross-currency transactions. Well-known derivatives trader Tony Vays tweeted a screenshot that showed Paypal overcharging a fee of 4% on EUR to USD exchange. Paypal has been facing fierce competition from crypto exchanges as its stock fell down to the lowest since 2018.
Online Payment giant PayPal has been in the new news for overcharging its customers. Tony Vays, a prominent derivatives trader, recently criticized PayPal on Twitter. He posted a screenshot of a transaction that the payment company that had overcharged a 4% Paypal Fees on the EUR to USD exchange.
It is not just one transaction company’s community page is full of grievances from customers who got overcharged. PayPal has not clarified why they are overcharging. PayPal has also been facing fierce competition from crypto exchanges. The company’s stock fell to its lowest after the company released its second-quarter report this year.
Can Crypto Exchanges overtake Paypal because of high Paypal Fees?
In his tweet, Tony Vays blamed the company’s overcharging issue to be the cause of why bitcoin will destroy its business. It is not just Tony’s opinion many from the crypto community believe that bitcoin will eventually kill Payapal’s business. Unlike Paypal, Bitcoin does not depend on a centralized third party to make global transactions. However, bitcoin has seen massive growth since its inception, but it still has not become the first choice of people for global transactions.
High price volatility and regulations are some of the issues that have kept many people away from adopting the leading cryptocurrency for global transactions. But many believe it is just a matter of time.
Fight between traditional payment gateways and crypto exchanges will be interesting to observe over the coming years as the crypto market continues to grow.
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